Hi tech jobs will be created in the North East after a County Durham company invested in an up-and-coming technology business.

Business services company BE Group, which is based in Seaham, has become a major investor in AI business Synoptica.

The firm is currently based in Guildford and Shoreditch, providing data and artificial intelligence services that allow customers to profile, rank, track and forecast business they have an interest in.

As a result of the investment, and to build on the North East’s strengths in Big Data and AI, Synoptica will be recruiting and basing a significant proportion of its team at BE’s office in the North East.

The deal has also seen Simon Goon, who is currently chief executive of Business Durham, the county’s economic development organisation, step down from that role to join Synoptica as chief operating officer.

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Nicki Clark, chief executive of BE Group, said “This investment represents a step change in the group’s ability to provide our customers with uniquely targeted information that gives them a formidable competitive advantage. It’s also fantastic to be bringing some really special jobs to the North East of England.”

Stephen Mooney, managing director of Synoptica, said: “We’re delighted BE Group have joined us as major investors. Their portfolio, business audience and relationships provide us with unrivalled insight and access to business across the UK.

“Simon Goon joins us with a well deserved reputation in the fields of technology and science, underlining the scale of our ambition. We expect to be making another equally exciting investment announcement shortly. Watch this space.”